Concepts of endogenous growth and of knowledge-based economies in the economics

Languages of publication

PL

Abstracts

EN

General properties of knowledge-based economy and of its academic fundamental – being endogenous growth theory – are depicted in the article on the background of a traditional economy and neoclassical theories of growth. The purpose of the paper is to introduce the concept of knowledge-based economy by means of stylized micro- and macroeconomic facts. Despite some incoherence, the endogenous growth theory seems best suited to describe contemporary mechanisms of economic development, whose manifestation is a transformation from a traditional economy to a knowledge-based economy. In the light of theoretical and empirical considerations, economic growth should not be perceived as an antithesis but as an indispensable factor of realization of sustainable development principles. It is just endogenous growth and the knowledgebased economy that appear solid and reliable guarantee of secular sustainable development.